ConvertibleActiveBTC

5% Convertible Notes due 2028

BMAX-Jul28

Bitmax Co., Ltd377030🇰🇷Leveraged

BTC Holdings

551.205 BTC

Total Debt

130.00B KRW

Leverage

180.5%

mNAV

0.58x

Outstanding

50.00B KRW

Insufficient history

Issue date

2025-07-14

Principal

50.00B KRW

Coupon

5.00%

Maturity

2028-07-14

Conversion price

17,156 KRW

Terms & Documentation

Terms

BTC strategy: Yes
Ranking: Unsecured
Settlement: Shares
Payment frequency: Monthly
Payment dates: 14
Rate type: Fixed
Put provision: Holders may request early redemption at 100% of face value from 6 months after issuance (Jan 14, 2026), monthly thereafter. Early redemption yield: 5%.
Use of proceeds: BTC acquisition

Sources(3)

Filing주요사항보고서(전환사채권 발행결정) — 5회차 무보증 사모 전환사채
제2. 사채의 권면(전자등록)총액 / 제8. 표면이자율 / 제9. 전환에 관한 사항 / 제13. 납입일
5회차 CB 원시 발행결정 (50B 발행 결정)
비트맥스 주식회사 — 2025-06-16
주요사항보고서(전환사채권 발행결정) — 5회차…
Filing[기재정정]주요사항보고서(전환사채권 발행결정) — 5회차 (발행금액 50B → 25.01B 정정)
3. 정정사항 (권면(전자등록)총액)
발행금액 50B → 25.01B 정정 (정정 후) — DB principal 50B와 불일치
비트맥스 주식회사 — 2025-07-14
[기재정정]주요사항보고서(전환사채권 발행결정)…
Filing주요사항보고서(감자결정) — 보통주 4:1 무상병합
7. 감자방법
4:1 무상병합으로 인한 전환가액 자동 조정
비트맥스 주식회사 — 2026-03-09
주요사항보고서(감자결정) — 보통주 4:1 무…

Participants

Holders & Underwriters(2)

Green Luminous 1st Investment Consortiumholder
50B KRWas of 2025-07-14
Original subscriber
Bitmax CB overview and 0%…
Initech Co., Ltd.holder
25B KRWas of 2025-07-14
Acquired from Green Luminous 1st Investment Consortium
Bitmax CB overview and 0%…

Outstanding History

Outstanding history(1)

As of	Event	Outstanding	Source
2025-07-14	Issuance	50.00B KRW	Bitmax CB overview and 0%…

As of

Event

Outstanding

Source

2025-07-14

Issuance

50.00B KRW

Bitmax CB overview and 0%…